Clarification: July 2023 Was AITX’s Record Sales Month

Rhea-AI Summary

Artificial Intelligence Technology Solutions, Inc. (AITX) has announced that July 2023 was its best order booking month to date. The company clarified that in July 2022, pilot deployments were counted as units booked, but starting in 2023, only devices under contract with a 3-month minimum period are counted and publicly announced. All 69 units booked in July 2023 are under 12-month subscription contracts. AITX is redefining the $25 billion security and guarding services industry with its AI-driven Solutions-as-a-Service business model, which provides cost savings of 35%-80% compared to manned security guarding and monitoring models.

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• July 2023 was AITX's best order booking month to date, with 69 units booked under 12-month subscription contracts. AITX's AI-driven Solutions-as-a-Service business model offers cost savings of 35%-80% compared to manned security guarding and monitoring models.

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Detroit, Michigan, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX), a global leader in AI-driven security and productivity solutions along with its wholly owned subsidiary, Robotic Assistance Devices, Inc. (RAD), today clarified that July 2023 was the Company’s best order booking month to date.

Upon conducting a thorough review of records, the Company noted that on July 5, 2022, it had stated that June 2022 as the best order intake month to date with a total of 85 units placed on order.

The Company noted that in July 2022, pilot deployments were counted as units booked. The Company requires bookings for any devices that need deployment, including pilot deployments. For clarification, beginning in 2023, only devices under contract with a 3-month minimum period are counted and publicly announced. All 69 units booked in July, as stated in the August 1, 2023 press release, are under 12-month subscription contracts. Furthermore, the Company clarifies that ROSS^™ license deployments will be counted per the number of ROSS servers deployed, not the number of attached licenses. There were no pilot deployments or capital purchases counted in the 69 units.

“Our investor base asked for this clarification, thank you,” said Steve Reinharz, CEO of AITX. “August is off to a great start, let’s see if we can beat July.”

The Company firmly believes in complete transparency in communications, sharing both successes and challenges with stakeholders, and it extends its heartfelt gratitude for their understanding and continued enthusiasm.

AITX, through its subsidiary, Robotic Assistance Devices, Inc. (RAD), is redefining the $25 billion (US) security and guarding services industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed to provide cost savings to businesses of between 35%-80% when compared to the industry’s existing and costly manned security guarding and monitoring model. RAD delivers these tremendous cost savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based analytics and software platforms are developed in-house. 

RAD has a prospective sales pipeline of over 35 Fortune 500 companies and numerous other client opportunities. RAD expects to continue to attract new business as it converts its existing sales opportunities into deployed clients generating a recurring revenue stream. Each Fortune 500 client has the potential of making numerous reorders over time.

About Artificial Intelligence Technology Solutions (AITX)
AITX is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges and fuel new business ideas. Through its next-generation robotic product offerings, AITX’s RAD, RAD-M and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services and allows experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced cost. AITX solutions are well suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. To learn more, visit www.aitx.ai, www.radsecurity.com, www.stevereinharz.com, www.radgroup.ai, www.raddog.ai, and www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.

CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The information contained in this publication does not constitute an offer to sell or solicit an offer to buy securities of Artificial Intelligence Technology Solutions, Inc. (the "Company"). This publication contains forward-looking statements, which are not guarantees of future performance and may involve subjective judgment and analysis. The information provided herein is believed to be accurate and reliable, however the Company makes no representations or warranties, expressed or implied, as to its accuracy or completeness. The Company has no obligation to provide the recipient with additional updated information. No information in this publication should be interpreted as any indication whatsoever of the Company's future revenues, results of operations, or stock price.

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Steve Reinharz
949-636-7060
@SteveReinharz

FAQ

What was AITX's best order booking month to date?

July 2023.

What type of contracts are the 69 units booked in July 2023 under?

12-month subscription contracts.

What cost savings does AITX's business model offer?

35%-80% compared to manned security guarding and monitoring models.

What is AITX's business model?

AITX's business model is AI-driven Solutions-as-a-Service.